Healthcare industry is expected to dominate the wearable cybersecurity market

The Worldwide Wearable Device Cybersecurity market revenue to reach $702.6 million by 2023

Bangalore, India, June 15, 2018: With its recently published study “Wearable Device Cybersecurity market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, Infoholic Research forecasts that the global market for Wearable Device Cybersecurity will continue to grow, owing to the increasing adoption of BYOD among enterprises, increasing focus on wearable security and increasing compliance norms by regulatory bodies specific to wearables.

Wearables are becoming one of the most vulnerable healthcare devices. Despite the amount of data being saved, these devices can be a potential threat to the individuals using it in case of frequent data breaches. The increasing rate of electronic health record (EHR) breaches, and vulnerabilities, such as insufficient user authentication, account harvesting, poodle attack, privacy & security concerns and others, are shifting the healthcare IT service providers’ focus on the vulnerability of devices. Providing cost-effective security challenges to healthcare institutions has become a challenge for the IT service providers. However, this can be addressed by deployment of comprehensive security that is backed by wearable device manufacturers.

As the healthcare institutes progress, they will demand more focus on cybersecurity for protecting wearable devices from cyber attacks, as healthcare information comprises high level EHRs. In order to move to a more secured environment, healthcare device manufacturers are looking for emerging opportunities with connected health technologies, that will allow various technology and healthcare providers to collectively work and share cyber threat intelligence. Such measures will help them to come up with strategies to protect wearable devices. Also, healthcare institutions are implementing cognitive technologies to detect and curb cyber vulnerabilities; some of them are moving to Security-as-a-Service platforms due to skill shortage.

Meeting security requirements in regulated industries like healthcare is quite a challenging task due to high degree of manageability concerns. However, healthcare companies are aiming to establish device policies to safeguard their information from malfunctions.

As of 2017, there were more than 300 million wearable devices in use and devices like, smartwatches, wristbands, sports watches, fitness monitors are the most popular healthcare-related wearable devices. Currently, over 26% of the wearable devices are in use for tracking health related information from users.

How healthcare is leveraging wearable technology:

Healthcare communities have started using wearable devices mostly to serve a patient’s needs. The fitness band, smartwatch or any other device that tracks user’s activities are being used to monitor patients in real-time to treat illnesses.

These devices are used for diagnosing chronic diseases using real-time analytics. Tracking this information will help patients to prevent health issues before they occur.

The higher adoption of wearable devices would bring more and more people under an organized and real-time data platform, which could reduce the cost of healthcare.

The data generated is shared between customers, providers, and third-parties, such as insurers, healthcare enterprises and others. This is creating the need for more secured tools for enterprise data security.

The higher penetration for BYOD in the healthcare industry is giving rise to the need for cybersecurity solutions to deal with evolving threats. The higher usage for third-party apps is also leading to security loopholes.

Social Security Numbers, insurance and payment information are some of the other areas targeted by the hackers. However, healthcare communities are yet to find a solution to address the security vulnerability of a healthcare organization in case of a stolen device and emerging challenges with the current deployment mode, while increasing the volume of devices to be monitored.

The emerging need for data protection and cybersecurity in healthcare provides an opportunity for the healthcare organizations and enterprises to work towards finding a cybersecurity solution that is custom-driven towards addressing the customer pain-points. Cybersecurity companies are providing solutions with data and privacy risk assessments to mitigate the risk, while third-party vendors are involved in complementing such solutions. Due to this, the healthcare industry will see a higher number of partnerships emerging in this market to deal with fundamental strategic challenges.

“The healthcare industry is expected to dominate the wearable cybersecurity market during 2017-2023 and beyond. The industry is witnessing a growing demand for cybersecurity solutions mainly due to the increasing amount of user health related data getting stored in a device.” – Srujan, Research Analyst at Infoholic Research

The report covers the present scenario and growth prospects of Worldwide Wearable Devices Cyberesecurity Market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features: